Cyprus Mail
Business Cyprus

CBC board withdraws deputy governor appeal

Spyros Stavrinakis

The Central Bank (CBC) board decided on Monday to withdraw an appeal against President Nicos Anastasiades’ decision to rescind the appointment of a deputy governor at the regulator.

According to the Cyprus News Agency, CBC Governor Panicos Demetriades disagreed with the decision but he was outvoted.

Stavrinakis, a senior CBC director, was appointed deputy governor by former president Demetris Christofias 13 days before the February 17 presidential elections, which the latter did not contest.

Anastasiades rescinded the appointment around a month after winning the elections.

Christofias had claimed the appointment was necessary due to the CBC’s increasing obligations, rejecting suggestions that it was politically motivated.

The position is reserved in the constitution for Turkish Cypriots and had been vacant for the past 50 years.

The appointment was made possible by invoking the Law of Necessity, passed after the Turkish Cypriots abandoned parliament and their positions in the government in the 1960s, basically to enable the state to function properly even if certain acts conflicted with the constitution.

The government said the emergency conditions cited by the Law of Necessity to justify its use “essentially do not exist” thus the appointment could be rescinded.

Demetriades challenged the decision at the Supreme Court but the new board decided to withdraw the application.

“It is a joke for two state institutions to be in court under these circumstances,” an unnamed source told the Cyprus News Agency.

Another reason for the withdrawal, the source added, was the fact that Demetriades and Stavrinakis had the same legal adviser.

“That seemed very odd,” CNA quoted the source as saying.

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